I would not agree with this point of view. We just went through one of the longest bear markets for about six years long, with negative interest rates in about 35% of the countries worldwide which is a part of gold prices.
I do not think it will continue at the pace that we saw in the Q1, because if we had big impact from constructions, it seems to be seasonal.
At this stance, we do expect the Fed to raise rates by 25 basis points in June and we anticipate another rate hike of another 25 basis points in December this year.
The most effective option for the Japanese economy is the suspending the consumption tax increase (scheduled for April, 2017)
Overall, Argentina is not the economy we follow that closely; however, as concerns Brazil, we have seen quite a large rally in Brazilian assets on expectations that Rousseff is going to be impeached.
I do not think that oil is going to fall below $30 per barrel, that would be too bearish; however, I would not be surprised to see some pullbacks in prices, perhaps to below $40.